StockNews.com Initiates Coverage on GlycoMimetics (NASDAQ:GLYC)

StockNews.com started coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research note issued to investors on Saturday morning. The firm issued a sell rating on the biotechnology company’s stock.

Separately, Cantor Fitzgerald started coverage on GlycoMimetics in a research report on Friday. They issued an “overweight” rating for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $8.00.

GlycoMimetics Trading Down 2.3 %

Shares of GLYC opened at $0.26 on Friday. GlycoMimetics has a 52-week low of $0.14 and a 52-week high of $3.18. The company has a 50-day simple moving average of $0.27 and a 200-day simple moving average of $0.26.

GlycoMimetics (NASDAQ:GLYC) last issued its earnings results on Thursday, February 13th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.05. As a group, research analysts anticipate that GlycoMimetics will post -0.08 EPS for the current year.

Institutional Investors Weigh In On GlycoMimetics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. purchased a new position in GlycoMimetics during the fourth quarter worth $1,268,000. VR Adviser LLC acquired a new stake in shares of GlycoMimetics during the fourth quarter valued at $747,000. Wellington Management Group LLP purchased a new stake in GlycoMimetics during the 4th quarter worth about $352,000. Jefferies Financial Group Inc. purchased a new stake in GlycoMimetics during the 4th quarter worth about $106,000. Finally, ADAR1 Capital Management LLC raised its stake in GlycoMimetics by 626.1% in the 4th quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock valued at $83,000 after purchasing an additional 286,127 shares during the last quarter. Hedge funds and other institutional investors own 75.19% of the company’s stock.

GlycoMimetics Company Profile

GlycoMimetics, Inc, a biotechnology company, focuses on the discovery and development of therapies for cancers and inflammatory diseases in the United States. It develops uproleselan, an E-selectin antagonist, which is used in combination with chemotherapy to treat acute myeloid leukemia (AML), as well as completed phase 3 trial to treat relapsed/refractory AML.